WindForce Limited, which listed on the CSE this year, displayed a strong performance for the year 2020/21. The company declared an interim dividend of LKR 1,013 million for 21/22, which corresponds to a dividend per share of 0.75 LKR, yielding a return of 4.7% to shareholders.
Performance in 2021 will receive a boost from the output to be added from a damaged transformer of CEB which affected the output of three of WindForce’s Wind power plants last year. This transformer is expected to be re-installed by end of June 2021 and will restore a significant energy output this year.
Additionally, the 50MW Gharo power plant in Pakistan (of which WIND holds a 30% stake) received a tariff increase from 6.7PKR to 10PKR, which was due in the last financial year. The delay was a result of approving the implementation of the tariff increase due to the impact of COVID in Pakistan. This will now be paid from this year onwards which will add a significant increase to revenue.
Further, WindForce acquired a new 10 MW Solar plant in Vavunativu in May from Solar Universe, which is to be commissioned in February 2022.
A share purchase agreement (SPA) was also signed to acquire a 500 ton per day (TPD) Waste to Energy plant from Fairway Holdings which is expected to add 10MW to the National Grid in the near future.
Investor confidence in WindForce climbed to a commendable high on the Colombo Bourse from its first trade onwards, as the share currently sits 18% higher than the IPO price. With its strong and stable track record, ICRA Lanka Limited issued WindForce an issuer rating of (SL) AA- (stable), the highest rating bestowed on a corporate in Sri Lanka at the time of the issuance.